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Market Report

Friday, 20-Feb-2015

NSE

  • The 30-share index ended at 29,231.41, down 230.86 points or -0.78 per cent. It touched a high of 29,462.09 and a low of 29,178.26 in trade today. The Nifty closed at 8,833.60, down 67.70 points or -0.69 per cent. It touched a high of 8,899.95 and a low of 8,816.30 in trade today.

  • The S&P BSE Sensex snapped a 7-day winning streak on Friday. The index tanked over 200 points following weakness in European markets ahead of a crucial meeting of euro zone finance ministers in Brussels. According to analysts, the market is likely to remain volatile next week ahead of F&O expiry and Union Budget. In this week, benchmark indices ended higher after gaining in all but the last session on Friday of a truncated week on hopes of strong reforms in the upcoming budget, sustained buying by FIIs and benign inflation data making a rate cut by RBI more likely.

  • Expect Nifty to touch 10,000 by the end of this year, says Manish Singh of Crossbridge Capital. The overnight news, that the Fed was not looking to raise rates, was positive for emerging markets. We have only five or six trading days to go before the budget. It is difficult to tell if the markets will touch 9000 before the event. I would say no, because though we are nearly there, the markets will probably wait for what Finance Minister Jaitley is going to announce. I do expect the Nifty to touch 10,000 by the end of this year. I believe so not just because of the changes that are going to happen in India, but also the support we are going to get from the Fed's rate stance, he says.

  • 8300-8400 levels on Nifty to be worst case scenario post Budget 2015, says Ashwani Gujral. Till the budget nothing is going to happen, every day we will get whiplashed left and right. Certain stocks will always do well but I do not think any large money is entering the market while this gives it a nice time to consolidate. The worst case scenario even post the budget could be 8300-8400 types, he says.

  • Budgetary disappointment could lead to 8-10% fall in markets, says Hemang Jani of Sharekhan. Given the weak earnings growth and the slow recovery in the microeconomic environment, the budget is the single most important factor as of now. The budget will show us whether or not the government is able to channelise savings to improve infra investment and more importantly, public spending. If we do not see that happen, there is obviously going to be disappointment. In that case, the markets could correct by about 8%-10%. That is why we are a bit of cautious ahead of the budget, he says.

  • Indian bourses will remain open for trading on the Union Budget day on February 28, a Saturday. Trading will be as per normal trading hours on the day when finance minister Arun Jaitley will present the first full Budget of the Narendra Modi-led government.

NIFTY 3-Month

(Data/Charts courtesy NSEI/Yahoo!/iCharts/The Economic Times)